Crude Oil Price Forecast – Crude Oil Markets Pull Back Into the Weekend

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has drifted a bit lower during the trading session on Friday, testing the 50-Day EMA. Because of this, it looks as if the market may fall back into the previous consolidation area, but it should also be noted that the market has been very noisy, and I think that probably continues to be the main feature of crude oil. After all, there are a lot of concerns when it comes to crude oil demand, due to the fact that the global economy is slowing down. The market will continue to see a lot of upward pressure due to the fact that OPEC has cut 2 million barrels per day, so it’s kind of a balancing act at this point.

Brent Crude Oil Technical Analysis

Brent markets also pulled back a bit during the trading session, now it looks like we are simply squeezing around the 50-Day EMA and the 200-Day EMA. At this point, the market is likely to continue to see the $95 region above as resistance, just as the $90 level underneath offers quite a bit of support. As long as we stay in this $5 range, I think you have to look at this through the prism of short-term trading. If we can break above the 200-Day EMA, then it’s likely that we will make a move to get closer to the $100 level. The only thing you can do at this point is keep your position size small, because it can save you from a lot of major losses in a market that has been choppy to say the least.

Crude Oil Prices Forecast Video for 31.10.22

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